This market is still the BEST market for home sellers, in decades. If you own a fairly well-kept home, you can expect multiple offers (two or more) on your home starting at listing price. If your home needs work, chances are a bidding war of multiple offers will come in at below your listing price but likely will end at least 4% to 5% above your original listing price. This could mean an extra twenty-five to forty thousand on average for homes sold in Long Beach. So, how should you manage multiple offers? You can do this by managing your own goals.
Your realtor can help you identify your priorities. For example,
If your goal is to receive as much money as possible due to financial hardships, then the highest dollar offer is a priority. Contingencies are negotiable. Choose the highest and best offer.
If your goal is to move to another home or out of state quickly, then a reasonable dollar offer with fewer contingencies that have shorter time constraints will be an ideal offer for you.
If you have time and hardships aren’t a factor, then take time to review the offers with your realtor. You have three days to respond, and, in the meantime, you may receive additional offers. You can choose the best offers and counter them or you can counter everyone for their best offer over a specific dollar amount and terms that you set.
There are many strategies for managing multiple offers. To learn more about managing multiple offers. Give us a call at 562.208.4455.